Posted by IKO Community Management on January 26, 2017 at 9:00 AM
If you are a developer or investor in residential or commercial property, you might not have time to perform tenant screenings, do property inspections, and communicate regularly with residents. That is where property or community management comes in handy. But, should you go with a long-distance or local team?IKO Community Management dives into the pros of hiring a local PM as opposed to a long-distance one:
They are more familiar with the area. Firstly, the property will be better taken care of when a third party needs to get involved, because local community management companies are familiar with which contractors have the best reputations and services within the property’s budget. This can include plumbing, heating, air conditioning, electricity, cable and Internet, and the like.
Lastly, because this team is familiar (and might even live) where they work, they can quickly adapt their properties for bad weather, change in state laws and taxes, and more.
The local team will be more hands on. A long-distance property manager isn’t always readily available when you need them most. If a pipe bursts in a condominium, a local PM can be there to handle the (literally) messy situation, whereas a long-distance manager would have to make a few phone calls before anything gets accomplished.
This is also a great quality to have if there is a resident conflict. A nearby community manager can be there to solve the dispute in person. On-site property managers can consistently build rapport with residents, leading to an overall lower turnover rate and more qualified tenants.
The property is in better hands, consistently. A local property manager can be on-site to conduct thorough property inspections, so all parties can rest assured that the space will be clean and optimally functioning at all times. If a long-distance manager visits once a month for property inspection, it leaves a lot of upkeep for the resident in the meantime.
A local team is better at communicating. Long-distance PMs often rely on automation for billing and basic communication, while local teams can meet face-to-face to discuss and deposit rental checks, sign lease agreements, negotiate living terms and conditions, and more.
Also, because they are so close to the property, they can offer 24-hour emergency services for any circumstance that endangers life or poses severe damage risk to the property if not corrected immediately. It is hard for long-distance managers to make the same promise because they’re not as accessible.
You will have less headaches. Because of all of these benefits to a local team, developers will have fewer complications and commitments to worry about. This means they can focus on their next project while receiving regular status updates on their existing properties. In short, if more time and less stress are key to your professional quality of life, a property management company can be a great asset.
Like any relationship, distance is doable, but it requires a lot more time, effort, and patience. If you are looking for the best of the best, hire a local property manager, like IKO Community Management, to tend to your community or commercial space.
The nearby team can regularly fulfill on-premise responsibilities, communicate more effectively and efficiently, and take care of the property as if it were their own. If you are interested in teaming up with IKO Community Management, please click on the button below to request a proposal: